Business & Economy Personal Finance GST Voucher 2022: Everything You Need To Know Plus The Amount You'll...

GST Voucher 2022: Everything You Need To Know Plus The Amount You’ll Get

Eligible Singaporeans will receive GST Vouchers for 2022 & 2023 from the Singapore government to offset the upcoming GST hike and rising costs of living.

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Eligible Singaporeans will receive up to S$700 worth of vouchers this December from the Singapore government to offset the upcoming GST hike and rising costs of living.

The vouchers payable in December would come in two parts – the Assurance Package Vouchers and the Cost of Living (COL) vouchers. This would be the first round of GST vouchers that Singaporeans will receive in the coming months.

Here’s everything you need to know, simplified for you.

Vouchers To Be Paid Out In December 2022

Assurance Package Vouchers

In Budget 2020, the Singapore government announced a S$6 billion Assurance Package (AP) to cushion the effects of the upcoming increase in GST.

They have since enhanced the package with an additional S$640 million worth of vouchers, which would be distributed to about 2.8 million adult Singaporeans. The payouts will be distributed over 5 years, with the first payment being dispersed in December 2022.

Cost of Living Special Payment

In October 2022, Deputy Prime Minister and Minister for Finance Lawrence Wong announced a S$1.5 billion support package to provide aid to Singaporeans for rising inflation. This package is specifically targeted at helping lower- to middle-income groups. About 2.5 million Singaporeans will benefit from the Cost-of-Living (COL) Vouchers and it will be paid out together with the AP Vouchers.

December 2022 Cash Payout Details

 

Property Ownership Owns 0 to 1 Property Owns more than 1 Property
Assessable Income (AI) AI ≤ S$22,000 S$22,000 < AI ≤ S$34,000 S$34,000 < AI ≤ S$100,000 AI > S$100,000 All
Assurance Package S$200 S$150 S$100 S100
COL Vouchers S$500 S$400 S$300
How much will i get in total? S$700 S$600 S$400 S$100 S$100

Vouchers To Be Paid Out In January 2023

Community Development Council (CDC) Vouchers

Another round of CDC vouchers will be paid out to Singaporean households in January 2023. CDC vouchers totalling S$300, S$200 under the Assurance Package and an additional S$100 under the Cost-of-Living special payment, will be issued to each household and can be used at participating heartland shops, hawker centres and major supermarkets.

Additional GST Voucher – U-Save

Eligible HDB households also will receive an additional GST voucher (GSTV) – U-Save rebate under the Assurance Package. This additional voucher will be on top of, and credited together with, the existing GSTV – U-Save.

Eligible HDB Households whose members do not own more than one property will receive:

HDB Flat Type 1 & 2 Room 3 Room 4 Room 5 Room Executive/ Multi Generational
Additional GSTV – U-Save S$95 S$85 S$75 S$65 S$55
Existing GSTV – U-save S$95 S$85 S$75 S$65 S$55
Total Vouchers received S$190 S$170 S$150 S$130 S$110

GSTV – Service and Conservancy Charges (S&CC) Rebate

The government has also announced a GSTV – S&CC Rebate that will be included under the permanent GST Voucher scheme.

Eligible Singaporean households living in HDB flats with no private property ownership will be eligible for the following rebate:

HDB Flat Type 1 & 2 Room 3 Room 4 Room 5 Room Executive/ Multi-Generational
Number of Months of S&CC Rebate 1 0.5 0.5 0.5

How Do I Receive The Vouchers?

There is no sign-up necessary to receive the vouchers. The vouchers will directly be paid into your bank account via your PayNow-NRIC. Singaporeans are encouraged to link their NRIC to their PayNow account by 20 November 2022 in order to receive their AP and COL vouchers as early as 5 December 2022.

If you have opted for bank credit, the AP and COL vouchers will be dispersed to your bank account on 12 December 2022.

More information about the vouchers to be paid out in January 2023 will be available at a later date.

If you would like to find out exactly how much you are eligible for, you may visit the govpayouts website for more information.

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The article GST Voucher 2022: Everything You Need To Know, Including The Amount You’ll Get originally appeared on ValueChampion.

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